Posted on 08/17/2009 9:50:04 AM PDT by Blue Turtle
NEW YORK (Dow Jones)--The Reader's Digest Association Inc., which was taken private just over two years ago, said it reached an agreement with its lenders on a restructuring plan that it will likely complete under a prepackaged bankruptcy filing in order to reduce its debt.
The company, which publishes the magazine of the same name and also has marketing operations, also chose not to make a $27 million interest payment due Monday on its 9% senior subordinated notes due 2017. It said it would use the 30-day grace period available to continue discussions with its lenders.
Under the debt-restructuring deal, the company's senior secured lenders will exchange what it said was "a substantial portion" of the company's $1.6 billion in debt for stock.
Too bad. They used to have their niche. It would have been interesting had they began running conservative essays and stuff in every issue.
they went off the way the AARP has... slowly towing the liberal line. I still have some of their condensed novels at my mother’s house. It had about 3 or 4 novels cut down and made for quick reads. I liked their humor in uniform section also.
Will their filing be a short one paragraph condensed form?
Too bad indeed!
If they published a magazine like they did 40-50 years ago....
I’d gladly pay $5.00 an issue for one.
It’s been forever since I’ve read a RD.
They used to have very good conservative information. About 10 years ago they strayed. I noticed that they soon started to shrink in physical size.
They used to have very good conservative information. About 10 years ago they strayed. I noticed that they soon started to shrink in physical size.
Good riddance.
Its probably too late for them to change back, which they wouldn’t anyway
good riddance.
the left infiltrated and took over much of the news.
i no longer buy national geographic because it’s a leftist environmental mag.
abridged too far?
I saw one of my all-time favorite quotes in one of my father’s RDs when I was about 10 (probably didn’t grasp all the implications at that age!): “Government is like your stomach: if it’s working right, you shouldn’t even know it’s there.” I guess it’s a long time since anyone could say that with a straight face!
Yep, and you wonder why I don't have a subscription?
Yes, I sadly dropped National Geographic around a decade ago. I love the photography, but the political crap just became unbearable.
Every year (for decades), one of my aunts would give mom & dad another year's subscription to Reader's Digest, and it was always something to look forward to. I was an avid reader as a little kid, and it was read from cover to cover (I liked the artwork, too); this continued through my teenage years and even after niteowl77 and I got married. Eventually, the lib quotient hit the tipping point in tone and content, and it became about as welcome as Time or Newsweek.
Which is to say it didn't get bought.
Mr. niteowl77
About an eon ago the Saturday Evening Post and Readers Digest were two of my favorite reads. Then the rot set in.
I hadn’t seen this magazine for years. I found one recently and it did seem as though it was conservative again.
Before the 1980’s Readers Digest was a VERY conservative magazine. Most issues had at least one article exposing Communism in general, and the Soviet Union in particular. Readers Digest most heavily influenced my youthful understanding of Communism, and for that reason I am saddened by its downfall.
I guess they figured there weren't enough magazines run "by liberals, for liberals" on the market already...
Used to have a subscription, then starting about 10 years ago it got more and more liberal. I dropped them and they have been calling ever since about once every two months. Each time I tell them why I will not subscribe to them.
Last call was about 4 days ago. Today’s news still does surprise me.
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